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Business Post reports that Ryanair CEO O'Leary believes fares will remain 'flat' this summer.
Michael O'Leary, Chief Executive Officer of Ryanair Group, told Ireland's Business Post newspaper that: He said: "We believe that?bookings will get a little boost as we move into the summer peak. I would use 'inverted commas' to say 'the peace agreement between Iran and the US.' But spot oil prices have fallen significantly." * "We don't expect prices to rise this summer into the peak. "I'm not sure that prices will drop, volumes are high, but pricing appears to be similar to last year," said he. We're not under pressure to hedge into May, June or July of next year. If prices fell to the low $80s, or even below $80, we would certainly start hedging summer '27. Here is the source text for more company coverage.
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Drone attack on Panama flagged ship in Black Sea kills one, injures two
Panama's Maritime Authority said that two crew members were injured and one was killed in a drone attack against a Panama flagged ship in the Black Sea. The AMP'said that the incident took place on Thursday - and that one of those injured was in a'serious condition. It?added that the ship was able?to continue?on course. The authority said that it had "activated relevant protocols to collect official information about the incident and maintain communication with the parties concerned." The AMP 'didn't say where the drone came from but advised ships to avoid travelling?through Ukrainian - and Russian waters in Black Sea, & the Sea of Azov,??to the north. Panama is the largest ship registry in the world, with 16% of the global merchant fleet under its flag. (Reporting and editing by Sam Holmes; Elida Moreno)
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Trump unveils Qatari Boeing 747 before joining Air Force One
The President Donald Trump got to see his upgraded Boeing 747, which was a gift from Qatar, on Friday at the Joint Base Andrews in Maryland, as the aircraft approached delivery and would join the Air Force One fleet. This is the most luxurious aircraft in the world. It was built to a standard that was probably never seen before," Trump said in front of a crowd gathered at a brand new hangar on the base. The jumbo jet, which Qatar gave to Trump as a present last year, has been overhauled and repainted in the red, white and dark blue livery that Trump chose. This is a departure from Air Force One's iconic design. Trump said that the upgrade was needed to keep up with foreign leaders who fly more modern aircraft. "These countries respect us a great deal, but they also have an aircraft that is much better and newer." Trump said, "It's a bit ridiculous." Trump has said that the rest of Air Force One's fleet will be redesigned. The new addition to Trump’s fleet will provide a modern, luxurious aircraft that the president, his aides and security detail, as well as the media, can travel on. The cost of the upgrade has not been revealed, and because it was completed so quickly, some experts are concerned that it might not be as safe as Air Force One. Air Force fast-track program skipped some planned modifications to the next-generation Presidential jet to deliver interim version earlier, but officials claimed?it was upto presidential standards. In a Friday statement, Secretary of Air Force Troy Meink stated that "the safety and security of the commander-in-chief is our top priority." "We meticulously evaluated each requirement from the start to ensure delivery was expedited while maintaining the high standard expected for the presidential mission." JULY 4, WASHINGTON FLYOVER Trump said the aircraft would lead the formation, which he called the "biggest in American history", during the July 4th ceremony on the National Mall. Trump said, "This will lead a large group of planes." Trump arrived back in the United States on Thursday morning, aboard a Boeing 747-200 military grade that has been serving U.S. Presidents for over three decades. Trump announced that this was the final flight of the aircraft, and it would be eventually placed in a Museum. The U.S. government accepting the 747 luxury jet from Qatar raised concerns about whether this was an excessively expensive gift. Trump dismissed criticisms of the arrangement by saying that it would be "stupid' to reject the offer. Experts said that retrofitting the luxury aircraft required upgrades in security, communication to prevent eavesdropping and missile defense capabilities. Democratic senators estimated that the conversion would cost more than $1 billion, and increase security risks. The Qatari aircraft is being used as a temporary bridge while Boeing delivers two 747-8s built to order under a fixed-price $3.9 billion contract signed in 2018. The program is currently four years behind schedule. Delivery will not be expected until the middle of 2028. This delay could leave Trump without a plane by January 2029, when his term ends. The Boeing program has cost more than $5 billion. Boeing posted $2.4 billion of charges against its earnings. The new color scheme is a departure from the two-tone white and blue design that dates back to President John F. Kennedy. The Air Force has revived a palette of red, white and navy blue that Trump had pushed for but was scrapped by the service in 2022 because darker colors were deemed to be overheating. The new livery, which includes red, white and dark blue, will also be used on the VC-25B, the military designation of the Boeing 747-8, and four modified Boeing 757 200s that are used to transport senior officials, including the vice president and cabinet members. (Reporting from Washington by Mike Stone; Jarrett Renshaw, additional reporting; and Alistair Bell, Stephen Coates and Edmund Klamann editing)
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Trump unveils Qatari Boeing 747 before joining Air Force One
President Donald Trump got to see his upgraded Boeing 747 on Friday at Joint Base Andrews, Maryland, as it was nearing delivery for the Air Force One fleet. The aircraft was a gift from Qatar to Trump last year. It has since been overhauled and painted by L3Harris Technologies in the colors of red, white and dark blue that Trump selected. Trump now has a modern, luxurious aircraft that he, his staff, security team and media can travel on. It was completed so quickly and at an unknown cost that some experts are concerned it might not be as safe as the current 'Air Force One' aircraft. Air Force fast-tracked effort skipped some planned upgrades for the next generation presidential jet to deliver an interim model sooner. Officials said that?it met presidential standards. In a Friday statement, Secretary of the Air Force Troy Meink stated that "the safety and security for the commander-in-chief is our top priority." "We meticulously evaluated each requirement from the start to ensure delivery was expedited while maintaining the high standard expected for the presidential mission." The U.S. government accepting the 747 luxury from Qatar raised concerns about it being an excessively expensive gift. Trump said it would be "stupid", to reject the offer, if critics were to voice their concerns. Experts said that retrofitting a luxury aircraft required upgrades in security, communications to prevent eavesdropping and missile defense capabilities. The conversion, according to Democratic Senators, could cost over $1 billion. It also poses security risks. The Qatari aircraft is being used as a temporary bridge while Boeing delivers two 747-8s built to Boeing's specifications under a $3.9billion fixed-price agreement signed in 2018 The program is currently four years behind schedule and delivery will not be until mid-2028. This delay could leave Trump without a new plane by the end of his presidency in January 2029. Boeing's program has cost more than $5 billion. The company posted $2.4 billion of charges against the earnings from the project. The new color scheme is a departure from President John F. Kennedy’s white and two-tone?blue?design. The Air Force has revived the red, white, and blue color scheme that Trump originally pushed but was scrapped by 2022 when it determined darker colors would cause overheating. The new livery, which includes red, white and dark?blue, will also be applied on the VC-25B, the military designation of the Boeing 747-8, and four modified Boeing 757 200s, used to transport vice presidents, cabinet members, and other senior officials. (Reporting from Washington by Mike Stone; Jarrett Renshaw, additional reporting; Stephen Coates, Edmund Klamann and Stephen Coates)
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Multiple injuries reported after two trains collided north of London
The British Transport Police said on Friday that it was responding to media reports about a major collision between two trains, 60 miles north-east of London. Media reports claimed the incident resulted in'multiple injuries. The video was posted on Facebook and showed what appeared to be the front of a train intertwined with the?back of another train, both of which were still on the track. The East of England Ambulance Service sent multiple resources, including an air ambulance, to the accident on the rail south of Bedford and advised people to avoid that area. In a post to X, Heidi Alexander, the Transport Minister said she was "deeply worried"?by the reports of this collision. Bedfordshire Fire and Rescue Service reported that crews were on the scene of a?railway incident just south 'of Bedford and also asked the public to stay away. East Midlands Railway said that it would not be able to run any services into or out of London until the end of today, while Thameslink reported that all lines between Luton and Bedford had been blocked because of an investigation. (Reporting and editing by Louise Heavens, Kate Holton and Sam Tabahriti)
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Airport security takes action as World Cup fans gorge on ranch dressing
The Transportation Security Administration has issued friendly advice for those who wish to bring home ranch dressing after visiting the United States to watch the World Cup. The 'TSA' decided to issue a helpful warning after receiving numerous posts on social media from fans who love Ranch dressing. They wrote on Instagram: "If you are visiting a large sporting event, and you discover RANCH during your stay... pack it into your CHECKED BAGGAGE on the way home." If you are travelling within the U.S.A., keep all carry-on sauces to 3.4 ounces (100ml or less) and put any larger containers into your checked bags. Some heroes wear 'capes. Some heroes wear?capes. The TSA told travelers to avoid throwing away their ranch dressing before reaching security because airlines will check it for them. Trevor Stynes reported, Ed Osmond edited.
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Iraq wants to increase oil production from the southern fields by 3 million barrels per day within 1-2 months
Iraq's state news agency reported Friday that it expects oil production to reach three million barrels of oil per day from its southern fields within one to two months. The report was based on a spokesperson for the Oil Ministry. Iraq exports around 3.6 millions barrels of crude oil per day. Before the Iran War, around 3.4million bpd passed through its southern Basra terminals. Iraq has also suffered a decline in oil revenue as a result of the closure of the Strait of Hormuz during the U.S. - Iran War. Iraq used to export its fuel oil from the Gulf port Khor al-Zubair. But the conflict has forced the country to seek other routes, after the strait closed and the storage facilities started filling up. Saleem al Rikabi, a spokesperson for the Iraqi Oil Ministry, said that there was no set timetable to restore exports to their previous levels. This is because production capacities and reservoir conditions differ from field to field. The minister said that the ministry is prioritising associated gas, condensates and liquefied gases, and added that tanker activity and restoring export capacity would be progressed along with production recovery. Iraqi oil officials had earlier stated that the country has increased its crude oil production by 250,000 barrels a day from its southern fields to 1.75 million barrels a day, as more tankers are loading crude from Iraq's ports. Iraq plans to increase production to 2 million barrels per day within the next few days, according to officials. Reporting by Muayad Haeed in Baghdad, Aref Mohammed Basra. Writing by Muhammad Al Gebaly. Editing by Louise Heavens & Alistair Bell.
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Ryanair extends CEO O'Leary's Contract to 2032 and offers a EUR150 million Bonus
The budget airline announced on Friday that Michael O'Leary, CEO of Ryanair, has extended his contract until 2032. This deal includes a bonus plan which could pay the 65-year old Irishman over EUR150 million ($172 millions). Ryanair announced last month that negotiations to extend O'Leary's tenure to nearly 40 years had almost been concluded. O'Leary, who took over as CEO of the airline in 1994, has been the driving force behind the company's growth from a regional carrier to Europe's biggest by passenger numbers. If O'Leary remains with the group through April 2032, he would be able to buy 10 million shares for EUR26.70 a share if the annual 'profit' reached EUR4 billion. Or if the price of the share exceeded EUR42 on 28 consecutive days. Ryanair posted a record-breaking full-year profit after taxes of EUR2.26bn last month. At 1315 GMT its share price was EUR25.70, and the strike price of the agreement represented the market price prior to the Middle East conflict. The airline stated that achieving these ambitious targets would add substantial value to all Ryanair's shareholders. O'Leary did not answer directly an analyst last month when asked if this extension would be his last. O'Leary is expected to make up to EUR100 million from a previous share option plan after Ryanair hit the share price target he set in his last contract. O'Leary claimed that the payout was a good deal compared to footballers' salaries. The airline said O'Leary's compensation, which includes a "modest annual salary" and a "capped annual bonus", would be presented to shareholders at the annual general meeting in September for approval.
Uganda: Islamic Development Bank approves EUR650 Million Loan
The executive board of the Islamic Development Bank (IsDB), announced late Friday, approved a EUR650.7m ($746.2m) loan to Uganda 'to help finance its standard gauge rail project.
Uganda is raising money for the EUR2.7billion?project. It has already received backing from lenders such as the World Bank and?African Development Bank. Citibank has been appointed to assist in the mobilisation of?financing.
Turkish company Yapi Merkezi is responsible for the construction of the railway.
IsDB was one of Uganda's largest sources of external funding and had, as of the end May, projects in a country east of Africa worth $896.5 Million, according to government data.
The 272-km line (169-miles) will connect landlocked Uganda to Kenya's rail system, giving it access to the Indian Ocean port at Mombasa through which Uganda imports most of its goods.
(source: Reuters)